Aviva Life Insurance has recently announced the launch of Aviva i-Term Smart, a “protection oriented” life insurance plan that offers life cover to consumers at an affordable cost. The policy also offers an opportunity of additional protection against critical illness and disability, “at a minimal cost”.

The Aviva i-Term Smart term insurance plan pays a lump sum amount to the nominee(s) in the event of the insured person’s death. Additionally, there is an optional Aviva Critical Illness & Disability Rider-Non Linked Rider, for an enhanced protection cover for 16 critical illnesses and permanent total disability due to illness or accident.

The policy is available to customers aged 18 to 65 years, with a maximum maturity age of 80 (without the rider) and 70 if the insured opts for the rider.

The insured person can choose from the premium payment schedules of yearly, half-yearly or monthly, with a sum assured ranging from Rs 75 lakh to Rs 25 crore. In case of default on payment of premiums, the customer can get a grace period. Subject to certain terms and conditions, the lapsed policy can be revived within two years of the last payment.

“Research shows that India is a grossly underinsured market. Though the ideal term insurance for an individual has to be around 10 times his/her earning capacity, there is a massive gap here. Term insurance is one of the least attractive plans to customers, as there are a plethora of similar term plans in the market resulting in a non-competitive product that are not customer focused. Thus, we wanted to offer our customers not just another plain Term Insurance Plan, but a smart online Term Insurance Plan that is truly competitive. Through Aviva i-Term Smart, we wanted to provide customers the opportunity to secure their families’ future at an affordable cost,” says Anjali Malhotra, the Chief Customer, Marketing & Digital Officer, Aviva India.

Aviva i-Term Smart also provides a one-time option for the customer to increase the policy sum by upto Rs 25 lakh without any medical examination (subject to terms and conditions).

The Aviva i-Term Smart at a glance

ENTRY AGE 

Min: 18 years at last birthday

Max: 65 years at last birthday

MAXIMUM MATURITY AGE 

80 years last birthday (Without Rider1)

70 years last birthday (With Rider1)

PREMIUM

Min: Rs 3,861 (excluding taxes, rider premium & extra premium, if any)

Max: Depends on age, term, & sum assured chosen

SUM ASSURED

Min: Rs 75 lakh

Max: Rs. 25 crore (per life) — subject to the company’s board approved underwriting guidelines.

PREMIUM FREQUENCY

Yearly, half-yearly & monthly

Change of premium payment frequency is allowed at any policy anniversary

RIDER (OPTIONAL)

Aviva Critical Illness and Disability Rider-Non linked Rider